FOR IMMEDIATE RELEASE
Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners Advises Leed on Financing for New Development
- Buchanan Street Partners advises Leed to refinance flex building in Santa Ana, CA
- Portion of the loan will be used for build-to-suite development that will be occupied by a credit tenant
Newport Beach, CA (November 20, 2006) - Buchanan Street Partners, a national real estate investment
bank, structured a $21.7 million conduit loan for Leed Properties of Beverly Hills, CA. Buchanan advised
Leed to refinance a 225,000-square-foot flex building in Santa Ana, CA. The property is in close proximity
to other government buildings and is located in a tight Santa Ana office market.
Buchanan had previously advised on the acquisition and permanent financing for the building. This
refinancing transaction involved parceling out a 1.3 acre piece of land which will be developed for a
subsidiary of a Fortune 500 company.
The in-place permanent loan was defeased, allowing the sponsors to generate significant cash out for
future development/investments as well as lower their interest payments. The $21.7 million loan
represents 80 percent loan to value and was priced below six percent. The terms also involved no
upfront tenant improvements and leasing commission reserve and minimal on-going reserves for TI/LCs
and capital expenditures.
About Buchanan Street…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital and advisory services for owners and developers and Investment Management
for institutional and high-net-worth investors. The firm's advisory services include debt and structured
finance and investment sales for commercial, multi-family and hotel properties. Buchanan's Investment
Management business invests equity and structured debt capital with local operating partners nationally.
Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago, Atlanta and Washington D.C.
